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42 fewer offshore rigs active in one year

A count performed by oil service company Baker Hughes shows that there were 42 fewer oil rigs actively deployed in May 2015 compared to the same month last year. This development is largely caused by the low oil price and the oil companies' investment slowdown.

Photo: COSL

In May 2015 there were a total of 284 offshore oil rigs actively deployed worldwide. This number represents a decline of 16 from April this year and a decrease of 42 active offshore oil rigs from the 326 registered in May 2014, according to a survey performed by oil service company Baker Hughes, which has been publishing its so-called Rotary Rig Count since 1944.

The slide in the number of active, oil producing rigs is mainly attributed to the lower oil price and the oil companies' investment slowdown and cost reduction efforts.

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